Medical School
Scholarship/Loan
Agreement
The following is a form of the agreement typically utilized between the student and the hospital during the student's four years of medical school.
PCMC
Medical School Scholarship Loan for Pickens County Residents
* It is the intention of the Board of Directors of Pickens County Medical Center, Inc. that a Scholarship/Loan be made available to medical students on an annual basis when funds are available. Loans/Scholarships will only be available to students from the Pickens County area with the intent being to attract these local residents back to Pickens County to practice medicine when their studies are completed. The loan/scholarship would be offered using the following guidelines:
* Upon completion of residency training, should the
physician choose to locate and practice full time in Pickens County, the loan
shall be forgiven as follows:
1) One fourth (25%) of loan shall be forgiven
at the end of the first year of practice in Pickens County.
2) One fourth (25%) of loan shall be forgiven
at the end of the second year of practice in Pickens County.
3) One fourth (25%) of loan shall be forgiven
at the end of the third year of practice in Pickens County.
4) One fourth (25%) of loan shall be forgiven
at the end of the fourth year of practice in Pickens County.
* The loan amount awarded on an annual basis shall be a maximum of $10,000/yr during each of the four years of medical school training pending availability of funds.
* Upon completion of residency training, should the physician choose not to practice medicine in Pickens County, the loan would be payable plus simple interest at prime rate plus two percent per year, applied during the time of the loan, i.e. during the student's time in medical school plus residency training time. Should the physician decide to practice elsewhere or to pursue a specialty not feasible to practice in a rural setting, payment shall be due immediately upon completion of residency training or medical school in this event, and prime rate is to be determined using the date of completion of residency training or medical school, whichever applies.
____________________________
Witness _________________ George P. Medical Student
Date:_________________
____________________________
Witness:
_________________ A. Robert Sheppard, M.D.
CEO,
Pickens County Medical Center, Inc.
Date:_________________
..